Vietnam imports extra oil

Vietnam imports extra oil

HANOI (DPA): Vietnam, a key oil exporter, will import an extra 400,000 tons of petroleum this year in a bid to meet rising demand and settle a jittery market, state media said on Wednesday.

Prime Minister Phan Van Khai signed off on the Ministry of Trade proposal to allow for the increase, which would bring the petroleum import tally to eight million tonnes, Vietnam News reported.

Prices of oil-based products have risen steadily over the past months in Vietnam, but the government is in turn benefiting from increased oil export value as world crude prices skyrocket.

Petroleum use is expected to rise sharply over the next decade in Vietnam as millions more motorbikes hit the road.

Exports of crude - Vietnam's top foreign currency earner - are forecast to rise seven per cent in volume to 16 million tonnes this year, with value jumping 68 per cent, papers reported this month.

In the absence of a refinery, Vietnam imports nearly all its petroleum products.